Oshkosh Corp. reported fiscal 2013 first quarter net income of $46.2 million, compared to $38.9 million in 2012. Adjusted net income was $55.1 million compared to $34.6 million in the first quarter of 2012.
Consolidated net sales in the first quarter of fiscal 2013 were $1.76 billion, a decrease of 6.1 percent compared to the prior year first quarter due to a decline in defense segment sales. Sales to external customers increased in all non-defense segments.
Consolidated operating income in the first quarter of fiscal 2013 was $80.8 million, or 4.6 percent of sales, compared to $75.4 million, or 4.0 percent of sales, in the prior year first quarter.
Factors affecting first quarter results for the Company’s business segments included:
Access Equipment – Access equipment segment sales to external customers increased 15.1 percent to $581.2 million for the first quarter of fiscal 2013 compared to the prior year first quarter.
Defense – Defense segment sales decreased 21.1 percent to $828.7 million for the first quarter of fiscal 2013 compared with the prior year first quarter.
Fire & Emergency – Fire & emergency segment sales for the first quarter of fiscal 2013 increased 20.7 percent to $193.3 million compared to the prior year quarter.
Commercial – Commercial segment sales increased 3.3 percent to $177.3 million in the first quarter of fiscal 2013 compared to the prior year quarter.
Fiscal 2013 Expectations
As a result of its strong first fiscal quarter results, its outlook for the remainder of the year, the impact of share repurchases to date and benefits associated with the reinstatement of the U.S. research and development tax credit, the Company is increasing its outlook range for full-year fiscal 2013 adjusted earnings from continuing operations to $2.80 - $3.05 per share. This estimate excludes $0.09 per share incurred in the first quarter of fiscal 2013 as well as any future potential costs related to the tender offer for the Company’s common stock and threatened proxy contest, restructuring costs and discrete tax items.